GEORGE TOWN – Penang continues to remain bullish on the manufacturing front despite a sluggish global economic outlook, which has also affected the country.
In the latest figures shared with the public, Chief Minister Chow Kon Yeow said from January till March, this year, the state had approved manufacturing investments of RM3.3 billion – the second highest figure among all states in the country.
Chow said that in terms of trade, Penang led the country last year with an unprecedented export value of RM463 billion, generating a surplus of RM170 billion in trade volume.
Penang’s gross domestic product (GDP) value has witnessed the highest year-on-year growth with a 13% increase to the value of RM112 billion.
Two sectors – manufacturing and tourism – remained its twin engines of growth, contributing 95% to the overall GDP.
The state is seen as having a diversified economic base, which makes her attractive to both domestic and foreign investors.
As tourism is an integral part of its services sector, Chow said that the government here would continue to give its undivided attention to the cause of marketing and promotions.
He said this at the official launching of The George Hotel, a premier heritage-based hospitality property, which is now managed by the Singapore-headquartered Ascot International Malaysia, which also manages up to five properties in Penang alone.
The George is now known as The George Penang by The Crest Collection, the highest rating accorded by Ascot – a multinational hospitality consultant.
Present were the hotel owner’s representative Alan Khor, Venice Property chairman, Ascot International Malaysia director of operations Shafar Jamaludin, Ascot country manager Mondi Mecja and state executive councillor in charge of tourism Wong Hon Wai as well as the Lord Mayor and Penang Island City Council president Datuk A. Rajendran.
Paying tribute to Rajendran for his supervision on development in the Unesco World Heritage Site, where buildings in the core area, are confined to just five storeys high, Chow said that the owners of The George Hotel were patient in dealing with the additional requirements.
The result is the establishment of the latest premier heritage hotel in the heart of town.
Chow said that Penang is boosting its tourism outreach where besides the Ascot Group, which remains buoyant in managing more properties here, other regional/international brands coming are the InterContinental, Crowne Plaza and Le Meridien.
The once biggest hotel in Penang – the Equatorial in Bukit Jambul – is reportedly also on the verge of making a comeback.
Chow also said that direct flights were returning, citing Qatar Air as an example.
Chow said that tourism remains part of the state’s efforts to propel Penang forward into an era of sustainable growth and development in keeping with the PenangVision2030 plan. – The Vibes, October 9, 2023
